Impact Minerals (ASX:IPT) has raised a total of $1.2 million following the placement of shortfall shares.
It placed 40 million shortfall shares at a price of $0.03 to raise the amount.
Impact had made a partially under-written non-renounceable entitlement offer of 184,335,328 new shares to raise up to $5.53 million.
However, the take up fell short by 43.47 million shares.
The placement funds will be used to fund the recently acquisition of Endeavour Minerals, which owns four major exploration and resource development gold, platinum and base metals projects in Australia.
The funds will also be used for Impact's projects in Botswana and for further working capital.
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